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Blockchain Adoption News
SWIFT has made its blockchain-based ledger available for initial use, nine months after development began, setting the stage for a cross-border payment pilot involving 17 major banks. The participating institutions include HSBC, Citi, BNP Paribas, UBS, ANZ, DBS and Standard Chartered, each preparing to process payments using tokenized bank deposits on the new infrastructure.
Tokenized deposits are digital representations of commercial bank balances. The pilot is designed to test whether those tokens can move across borders reliably, with settlement available around the clock, including overnight and on weekends—times when traditional interbank payment systems are typically offline or slower.
What the Ledger Is Designed To Handle
The new infrastructure does not replace the compliance, credit, risk, and control standards already built into conventional payment processing. SWIFT said those standards carry over into the ledger, meaning participating banks do not need to set aside their existing frameworks to use the system. The network plans to expand the ledger’s functionality after the current controlled launch phase ends.
SWIFT’s interbank messaging network already connects more than 11,500 banks and financial institutions across more than 200 countries and territories. The organization says 75% of payments on its current network reach beneficiary banks within 10 minutes. The new ledger is intended to extend that availability rather than replace what already works.
Thierry Chilosi, SWIFT’s chief business officer, said the ledger’s addition to the network marks a milestone for regulated digital assetsand could support future applications including programmable money and agentic commerce. He described the system as enabling tokenized value to move with speed and flexibility while preserving the security and compliance requirements that international finance depends on.
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Where This Fits in a Wider Tokenization Push
SWIFT’s launch comes about a month after a separate group of US banks announced a parallel initiative. JPMorgan Chase, Bank of America, Citibank, Barclays, BNY, and Wells Fargo said they plan to launch a tokenized deposit network through The Clearing House in the first half of 2027. That system is being designed to link traditional payment rails with digital asset infrastructure for 24/7 settlement.
Stock exchange infrastructure has been moving in the same direction. On March 24, the New York Stock Exchange (NYSE) partnered with tokenization platform Securitize to develop blockchain-based systems for tokenized stocks and exchange-traded funds. In January, the NYSE’s parent company, Intercontinental Exchange (ICE), outlined a planned trading venue for tokenized securities that will offer 24/7 availability, instant settlement, stablecoin-based funding, and on-chain settlement.
The SWIFT launch and these exchange-level developments reflect a broad shift by regulated financial institutions toward tokenized infrastructure, each moving on its own timeline but toward overlapping goals.
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